It is very important when business owners are purchasing commercial or multi-family properties that they hire a team of professionals to thoroughly inspect the buildings’ infrastructure for damage.
Any damage to the infrastructure, if not taken care of prior to purchasing a commercial property, can lead to more challenges down the road, which will cost the business owner a lot of time and money. By taking proper precautionary steps upfront, one can prevent long term challenges.
Take a look at the video below as I give specific examples as to what to look for before purchasing a commercial property.
In the video you see me standing in the room where the main water lines come into the building. This particular client has a problem with leaks in the lines and a bad water pump.
As a property manager, I suggested to my client that we install a new water pump and fix the leaks in order to remedy water problem.
It’s always good to have backup parts on hand as well as a water pump. Excess water, if not taken care of properly, can cause tremendous damage, such as flooding, mold, and mildew. If mold and mildew start to grow, health problems can arise, and the cleanup is not an easy task. It’s best to take care of whatever problem or challenge that may arise immediately to prevent further damage from occurring.
Inspect Before You Buy
When looking to purchase a commercial property, it is important to check the buildings existing infrastructure for any damage. If the infrastructure is poorly designed, you can include the expense to have it repaired into the cost of the building.
In conclusion, having a thorough inspection is important to make sure the repair costs are calculated accurately and that whatever problem exists is properly fixed. The results of this inspection can often be used in negotiating the final price of a particular building.
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